Hedge Funds Set Up for Mideast Standoff as Bullish Oil Bets Grow - Bloomberg:
Escalating tension in the Persian Gulf is beginning to justify renewed optimism that oil will rebound.
Money managers boosted their bets on rising crude prices by the most in four months as of July 16, according to data released Friday. That left them exposed to a 7.6% weekly price drop as, for four days, the market focused on a worsening outlook for demand and seemed indifferent to geopolitics.
But prices soared almost 2% on Friday with the U.S. saying it shot down an Iranian drone and Iran capturing two British-flagged tankers. Ian Bremmer, president and founder of Eurasia Group, a political risk research and consulting firm, is among experts saying futures could shoot up past $100 a barrel if a war breaks out.
Saturday 20 July 2019
StanChart Whistle-Blower Says U.S. Missed Billions in Trade - Bloomberg
StanChart Whistle-Blower Says U.S. Missed Billions in Trade - Bloomberg:
Standard Chartered Plc’s transactions with Iran were worth tens of billions of dollars more than previously known, a whistle-blower said in a lawsuit claiming the British bank actively pursued Iranian business in violation of U.S. sanctions.
The whistle-blower, a bank executive who isn’t named in court papers, was the bank’s global head of transaction banking and foreign exchange sales. He and another plaintiff -- described only as an American currency trader -- say StanChart handled more than $56 billion in transactions from 2009 to 2014, compared with $240 million cited by the Justice Department between 2007 and 2011 in an April settlement with the bank.
StanChart’s illicit trade with Iran has cost it more than $1.7 billion in penalties from prosecutions in 2012 and 2019 by the Justice Department and regulators. The whistle-blower claims the bank’s wrongdoing was more extensive than the U.S. alleged and seeks an order forcing it to pay an unspecified additional sum to the government.
Standard Chartered Plc’s transactions with Iran were worth tens of billions of dollars more than previously known, a whistle-blower said in a lawsuit claiming the British bank actively pursued Iranian business in violation of U.S. sanctions.
The whistle-blower, a bank executive who isn’t named in court papers, was the bank’s global head of transaction banking and foreign exchange sales. He and another plaintiff -- described only as an American currency trader -- say StanChart handled more than $56 billion in transactions from 2009 to 2014, compared with $240 million cited by the Justice Department between 2007 and 2011 in an April settlement with the bank.
StanChart’s illicit trade with Iran has cost it more than $1.7 billion in penalties from prosecutions in 2012 and 2019 by the Justice Department and regulators. The whistle-blower claims the bank’s wrongdoing was more extensive than the U.S. alleged and seeks an order forcing it to pay an unspecified additional sum to the government.
U.S. Airlines Seen Losing Bid for Trump Muscle on #Qatar Air Feud - Bloomberg
U.S. Airlines Seen Losing Bid for Trump Muscle on Qatar Air Feud - Bloomberg:
President Donald Trump told U.S. airlines battling Qatar Airways to take the dispute to regulators, dashing their hopes that he would champion their cause and potentially alter Open Skies agreements with Qatar, said people familiar with the matter.
Trump emphasized a Department of Transportation dispute-resolution process during his meeting Thursday with the heads of major carriers, said the people, who asked not to be named because the discussions were private. Attendees included the chief executive officers of the world’s two largest airlines, American Airlines Group Inc. and United Airlines Holdings Inc.
The president signaled that he wouldn’t intervene directly in the issue on behalf of American, United and Delta Air Lines Inc., which was seen as a setback by members of the Partnership for Open & Fair Skies, the airlines’ lobby group, said one of the people. It’s unclear how Transportation Secretary Elaine Chao will address any complaints on the matter, or if the administration would give her direction on how to proceed, another person said.
President Donald Trump told U.S. airlines battling Qatar Airways to take the dispute to regulators, dashing their hopes that he would champion their cause and potentially alter Open Skies agreements with Qatar, said people familiar with the matter.
Trump emphasized a Department of Transportation dispute-resolution process during his meeting Thursday with the heads of major carriers, said the people, who asked not to be named because the discussions were private. Attendees included the chief executive officers of the world’s two largest airlines, American Airlines Group Inc. and United Airlines Holdings Inc.
The president signaled that he wouldn’t intervene directly in the issue on behalf of American, United and Delta Air Lines Inc., which was seen as a setback by members of the Partnership for Open & Fair Skies, the airlines’ lobby group, said one of the people. It’s unclear how Transportation Secretary Elaine Chao will address any complaints on the matter, or if the administration would give her direction on how to proceed, another person said.
How a Persian Gulf Conflict Could Impact Commodities Markets - Bloomberg
How a Persian Gulf Conflict Could Impact Commodities Markets - Bloomberg:
Surging oil and gas prices, skyrocketing insurance costs and attacks on energy and banking infrastructure are likely to follow quickly if Iran’s seizing of two U.K.-linked tankers spirals into outright war.
A lengthy conflict in the Persian Gulf could help tip the U.S. and global economies into recession and even accelerate the worldwide move away from fossil fuels. Here’s what some top oil, commodity and geopolitical analysts see as the most likely outcomes.
Will the Strait of Hormuz be shut down?
In a limited confrontation the flow of oil and other commodities should continue through the strait, with the caveat that certain oil tankers could be targeted by Iran, said Ian Bremmer, president and founder of Eurasia Group, a political risk research and consulting firm. In a major war, Iran could shut the strait and lay mines.
Surging oil and gas prices, skyrocketing insurance costs and attacks on energy and banking infrastructure are likely to follow quickly if Iran’s seizing of two U.K.-linked tankers spirals into outright war.
A lengthy conflict in the Persian Gulf could help tip the U.S. and global economies into recession and even accelerate the worldwide move away from fossil fuels. Here’s what some top oil, commodity and geopolitical analysts see as the most likely outcomes.
Will the Strait of Hormuz be shut down?
In a limited confrontation the flow of oil and other commodities should continue through the strait, with the caveat that certain oil tankers could be targeted by Iran, said Ian Bremmer, president and founder of Eurasia Group, a political risk research and consulting firm. In a major war, Iran could shut the strait and lay mines.
#Sharjah real estate transactions hit $4bln in H1 | ZAWYA MENA Edition
Sharjah real estate transactions hit $4bln in H1 | ZAWYA MENA Edition:
The value of real estate transactions in Sharjah in the first half of 2019 was recorded at Dh14.7 billion, driven by GCC nationals and their interest in residential properties.
According to the latest report issued by the Sharjah Real Estate Registration Directorate (SRERD), the emirate witnessed a total of 27,588 transactions that covered an area of 24 million sqft.
The report also revealed that residential properties ranked first in terms of sales transactions, constituting 69.7 per cent of the total transactions recorded. These were followed by commercial properties at 17.8 per cent, industrial properties at 10 per cent and agricultural properties at 2.5 per cent.
Abdul Aziz Ahmed Al Shamsi, director-general of the SRERD, said that most of the real estate dealings recorded in Sharjah over the first six months of the year were in May with dealings worth over Dh6 billion.
The value of real estate transactions in Sharjah in the first half of 2019 was recorded at Dh14.7 billion, driven by GCC nationals and their interest in residential properties.
According to the latest report issued by the Sharjah Real Estate Registration Directorate (SRERD), the emirate witnessed a total of 27,588 transactions that covered an area of 24 million sqft.
The report also revealed that residential properties ranked first in terms of sales transactions, constituting 69.7 per cent of the total transactions recorded. These were followed by commercial properties at 17.8 per cent, industrial properties at 10 per cent and agricultural properties at 2.5 per cent.
Abdul Aziz Ahmed Al Shamsi, director-general of the SRERD, said that most of the real estate dealings recorded in Sharjah over the first six months of the year were in May with dealings worth over Dh6 billion.
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